Fisherman & farmer. [volume] (Edenton, N.C.) 1887-19??, 1887-12-16

lions among holders who are Wiling 10 SELL
may unreasOnably enhance the cost OF Sucn
bonds to the Government.
1t has been suggested that the present
bonded debt might be refunded at less rate
of interest, and the difference between the
old and new security paid in cash, thus lind
ing use for the surplus in the treasury Inc
success of this plan, 1T Is apparent: must de-
pend upon the volition OF the holders OF the
present bonds; and il is not entirely certain
that the inducement which must be offered
them would result III more financial benent
to the Government than the purchase OIL
bonds, while the latter proposition would
reduce the principal of the debt by actual
payment, instead of extending 1t.
The proposition to deposit the money held
by the Government banks throughout the
country, for use by the people, Is, II seems 10
me. exceedingly Objectionable IN principle. as
establishing too close relationship between
the operations of the Government treasury
and the business of the country, and too ex-
tensive cOmmingling OF their money IhuS
fostering an unnatural reiiance IN Pcb.p,,e
business upon public funds. II tins scheme
should be adopted it should only be done as a
temporary expedient to meet an urgent ne
ceSsity. Legislative and executive eHorU
should generally be in the opposite direction
and should have a tendency to divorce, as
much and as fast as can safely be done, the
Treasury Department from private enter
prise.
OF course it is not expected that unneces-
sary and extravagant appropriations VIII Dc
made for the purpose OF aFoluLhg the S'CCU-
mutation of an excessive revenue Sucn eS-
penditure beside the Generalization OF all
Just conceptions of public duty which IL en-
tails stimulates a habit of reckless lmproyl-
dence not in the least consistent with the
mission of our people or the high and Dene1l-
cent purposes of our Government.
have deemed it my duty to thus bring TO
the knowledge of my countrymen, as well as
to the attention of their representatives
charged with the responsibility of legislative
relief the gravity of our financial situation.
The failure of the Congress heretofore to pro
vide against the dangers which It was quite
evident the very nature of the dlthculty nuSI
necessarily produce, caused a condition OF
financial distress and apprehension since your
last adjournment, which taxed to the utmost
all the authority and expedlents within EX-
ecutiye control: and these appear now TO be
exhausted. If disaster results from the con
tinued inaction of Congress, heresponsiblllty
must rest where it belongs.
Though the situation thus far cOnSld-
cred is fraught with danger which should be
fully realized, and though it presents features
of wrong to the people as well as peril to the
country it is a result growing out OF a per
fectly palpable and apparent cause, con-
stantly reproducing the same alarming cir
cumstances-a cOngested national treasury
and a depleted monetary condition IN the
business OF the country. 1t need hardly be
stated that while the present situation de-
mands remedy, we can only be saved from
a like predicament i'll the future by the re
mOVal of It's cause.
Our scheme of tax alton, by means of which
this needless surplus is taken from the people
and put into the public treasury, consists of
a tariff or duty levied upon lmportatlonS
from abroad, and internal revenue taxes
levied upon the consumption OF tobacco and
spirituous and malt liquors. 1t must be con-
coded that none of these things subjected to
internal revenue taxation are Strlckly speak
ing, necessaries; there appears to be no just
complaint of this taxation by the consumers
of those articles and there seems to be moth
i,7or al q hear the
hardship to any portion of the people
But our present tariff laws, the vicious, IN
equitable and illogical source OF unnecessary
taxation, ought to be at once revised ana
amended These laws as their primary and
plain effect, raise the price to consumers of all
articles imported and subject to duty, by pre-
cisely the sum paid for such duties. mus the
amount of the duty measures the tax paid by
those who purchase for use these imported
articles Many of these things, however, are
raised or manufactured in our own country,
and the duties now levied upon foreign goods
and products are called protection to these
Zone manufactures, because they render 1t
possible for those of our people who are manu-
facturers to make these ia Xed articles ana sell
| them for price equal to that demanded 1or
| imDorted goods that have paid customs duty.
! So it happens that while comparatively lew
use the imported articles, millions OF our
| people, who never use and never saw any OF
! the foreign products, purchase and use things
! of the same kind made in this country, and
| nav therefore nearly or quite the same en-
| HANGED price which the duty adds to the I'M
! nOrted articles Those who buy imports pay
! the duty charged thereon in the public treas
| ury bet the great majority OF our cltlZenS,
who buy domestic articles of the same class,
! paw sum at least approximately equal TO
/ this duty to tho home manufacturer. inns
/ reference to the operation of our tariff laws
! is not made by way of instruction, DuG IN
order that we may be constantly reminded OF
the manner in which they impose a burden
uDOn those who consume domestic products as
! we'll as those who consume imported artlcleS,
and thus create a tax upon all our people.
1t is not proposed to entirely reneve the
country of this taxation. 1t must be e6Uen
| siyely continued as the source of the Govern
| ment's income: and in readjustment OF our
| tariff the interests of American labor engaged
| in manufacture should be carefully consld-
| cred as we'll as the preservation or our manu-
| facturers. 1t may be called protection, or by
! any other name but relief from the hardshlps
. and dangers of our present tariff laws snoulo
/ he devised with especial precautlon against I'm
! neriling the existence of our manufacturing
| interests But this existence should not mean
| q condition which, without regard to the PUBIC
| welfare or a national exlgency, must always
| insure the realization of immense profits IN
stead of moderately profitable returns a.
! tho volume and diversity of our natlona
! activities increase, new recruits are ADDED x
| those tho desire a continuation of the advan
tapes which they conceive the present system
of tariff taxation directly affords them. -
! stubbornly have all efforts to reform TIT
present condition been resisted by those o.
! orr fellOw-citizens thus engaged thaU tneN
can hardly complain of the suspicion, enter
tanned to a certain extent, that there exlst'
an organized combination all along the hl'
fIoir ofy-